W3: Measure of central tendency

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9 Terms

1
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What is the most common measure of central tendency, and what is the main drawback?

  • The Arithmetic Mean is the main measure of central tendency.

  • Its main drawback is that it is affected by outliers (extreme values)

2
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What measure of central tendency is described as the midpoint of ranked values and is not sensitive to extreme values?

The median

3
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What statistical value is defined as the value that occurs most often in a data set?

The mode

4
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When calculating investment returns overtime, which mean should typically be used for accuracy?

The Geometric Mean.

5
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What five descriptive measure make up the 5-number Summary?

  • minimum

  • First quartile

  • Second quartile (median)

  • Third quartile

  • Maximum

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